focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Texas joins flood of states suing BP over 2010 Gulf spill

Sat, 18th May 2013 20:19

By P.J. Huffstutter

May 18 (Reuters) - Texas has joined the crowd of Gulf ofMexico states to file suit against BP Plc, Halliburton Co and others for their role in one of the worst oil spillsin U.S. history.

The complaint, filed Friday in U.S. District Court inBeaumont, Texas, alleges that the companies and others "engagedin willful and wanton misconduct" for their role in the 2010Deepwater Horizon oil spill.

The state has accused the firms - as well as Transocean, Anadarko and BP America in its suit - ofviolating Texas' environmental regulations. Texas is seekingmoney from "lost" tourism revenues due to the spill, as well asmonies that would have been generated from state park entranceand concession fees by visitors to the coastal communities.

In addition, the state is seeking civil penalties for eachday the oil spilled into the Gulf, and each barrel spilled intothe water, as compensation for natural resources that were"injured, destroyed or lost."

An estimated 4.9 million barrels were spilled, but BP hasargued that 800,000 barrels that were recovered should beexcluded from calculations for the purposes of any legalsettlement.

Texas joins four other states that have sued BP and othercompanies in connection to the spill: Florida and Mississippifiled complaints last month, while Alabama and Louisiana did in2010.

In April of 2010, a surge of methane gas known to rig handsas a "kick" sparked an explosion aboard the Deepwater Horizonrig that killed 11 people. The vessel sank two days later.London-based BP was the majority owner and operator of theMacondo well and Swiss-based Transocean Ltd owned the rig, whichwas drilling the mile(1.6 km)-deep well in the Gulf of Mexicooff Louisiana's coast.

BP also is fighting a court battle in New Orleans over finesand other potential spill liabilities, but it struck a deal lastyear with a wide range of compensation claimants, includingbusinesses.

The total amount was not set, and BP has set aside over $8billion to make the payments, but it now sees those businesseconomic loss (BEL) payments escalating, and is challenging theway they are being calculated - calling some of the claims"fictitious" and "absurd."

It has already lost one appeal to have the payments stoppedand now plans to go to a higher court.

Texas' lawsuit is State of Texas v. BP Exploration &Production Inc., 13-cv-00315, U.S. District Court, EasternDistrict of Texas.

Related Shares

More News
Today 16:54

LONDON MARKET CLOSE: Europe struggles but record highs in New York

(Alliance News) - Large-cap European equities closed lower on Thursday, underperforming New York counterparts, which continued to push higher followin...

Today 16:53

London close: Stocks mixed as ex-divs drag on FTSE

(Sharecast News) - London stocks ended mixed on Thursday, following a flurry of corporate news and a focus on US unemployment figures.

Today 12:53

Costain says confident of long-term prospects amid contract wins

(Alliance News) - Costain Group PLC on Thursday said trading in the year to date is in line with expectations, underpinned by a number of contract win...

14 May 2024 21:40

Federal regulators sign off Venture Global's repairs at Louisiana plant

HOUSTON, May 14 (Reuters) - U.S. federal regulators said on Tuesday they are satisfied that Venture Global LNG is trying to correct faults at the he...

14 May 2024 18:47

Federal regulators sign off Venture Global's repairs at Louisiana plant

HOUSTON, May 14 (Reuters) - U.S. federal regulators said on Tuesday that they are satisfied Venture Global LNG is trying to correct faults at its he...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.